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Here’s how much Goldman, JPM, Deutsche and others pay their analysts, associates, VPs and MDs in London

How much will you really earn working in a ‘front office’ job (eg. in M&A and sales and trading) in an investment bank in London? And do some banks pay more than others?

Emolument.com the real time pay data provider has pulled the numbers from the pay submissions of 5,500 banking professionals working in London. Emolument’s verdict on the median pay for the analysts, associates, vice presidents, directors and managing directors at Goldman Sachs, Deutsche, Bank of America Merrill Lynch, J.P. Morgan, Barclays, Citi, and others is below.

Median pay for analysts in London investment banks

The table below shows the median salary and bonus for first year, second year, and third year analysts working in front office jobs in the City of London. Conclusion: you probably won’t get a big bonus at a French bank or RBS.

Median pay for associates in London investment banks 

The table below shows the median salary and bonus for first year, second year, and third year associates in front office jobs in London. Morgan Stanley pays the most.

Median pay for vice presidents (VPs) in London investment banks

At VP level, Goldman Sachs has pulled away from the crowd, according to Emolument. It puts median pay for a VP at Goldman at £220k ($332k). That compares to £141k at RBS.

Median pay for directors in London investment banks

Bank of America Merrill Lynch is most generous at director-level according to Emolument’s data. RBS is the least. Don’t expect a big bonus from a French bank.

Median pay for MDs London investment banks 

Lastly, here’s how much Goldman says the median managing director (MD) is paid at various banks in London. If you thought the big US investment banks paid the most, you were wrong. With the clear exception of J.P. Morgan, the biggest median pay packages for senior staff are to be found at the big Europeans like UBS and Deutsche. This isn’t to say that top US investment banks don’t pay a lot – it’s just suggests that their high pay is heavily skewed towards a few top people.

Curiously, Nomura doesn’t pay its median director well compared to other banks, but it pays its median MD very well indeed.

For those who like their data in tables, we’ve replicated the charts above in table format below.





Photo credit: Robert Pittman

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